From the page: financial sharks typically take their compensation in the form of capital gains rather than salaries, thus knocking down their income tax rate from 35 percent to 15 percent. But that's not the only way Mr. Skin-in-the-Game benefits: the 6.2-percent Social Security tax and the 1.45-percent Medicare tax apply only to wages and salaries, not capital gains distributions. Accordingly, Schwarzman is stiffing the system in two ways: not only is his income tax rate less than half the top marginal rate, he is shorting the Social Security system that others of his billionaire colleagues like Pete Peterson say is unsustainable and needs to be cut.
Not from the page: our system put unreproachable power in the hands of people who can afford to suffer none of the consequences of the policies they push for but all of the benefits - as the article describes, "reform" of government programs to syphon public money into private armies, private prisons, and private schools
flyinglungfish
flyinglungfish
From the page: financial sharks typically take their compensation in the form of capital gains rather than salaries, thus knocking down their income tax rate from 35 percent to 15 percent. But that's not the only way Mr. Skin-in-the-Game benefits: the 6.2-percent Social Security tax and the 1.45-percent Medicare tax apply only to wages and salaries, not capital gains distributions. Accordingly, Schwarzman is stiffing the system in two ways: not only is his income tax rate less than half the top marginal rate, he is shorting the Social Security system that others of his billionaire colleagues like Pete Peterson say is unsustainable and needs to be cut.
Not from the page: our system put unreproachable power in the hands of people who can afford to suffer none of the consequences of the policies they push for but all of the benefits - as the article describes, "reform" of government programs to syphon public money into private armies, private prisons, and private schools